You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: 1. If cash is borrowed on a $60,000, 11-month, 10% note on August 1, how much interest expense would be incurred by December 31? $enter a dollar amount 2. The cash register total including sales taxes is $44,205, and the sales tax rate is 5%. What is the sales taxes payable? $enter a dollar amount 3. If $44,205 is collected in advance on November 1 for 7-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?

Ivan, a russian fishermen, needs a permit so that he can commercially participate in ice fishing for yellow perch and then the consequent sales. garet is an undergraduate student who has to work at mcdonald\'s part time to pay his tuition loans. always looking on the bright side of things, he is that he can\'t make less than what he is earning, $7.25 an hour. d\'artagnan, a poor french noblemen, discovers a large cache of truffles in his backyard. however, the government caps the sale of truffles at $100 a pound, which frustrates d\'artagnan as he knows they are worth more than that. athos is an avid collector of swords, but as they are illegal to purchase, he goes by illicit means to obtain them. to out irish farmers, the government sets the minimum price of potatoes at $26 a bushel. in order to support domestic sales of textiles, the country of germany puts a cap on the amount of foreign textiles it imports.